Banker to Broker; your questions answered.

It’s time for a career change, and you know it. It’s time to go from banker to broker.

As a banker, you’ve only been able to offer your customers limited choice of loan options provided by the bank you work for. But as a broker, the choices are extraordinary. Through extensive lending panels and credit providers, you are able to tailor a mortgage solution that is in the best interests of your customer. 

Your allegiance changes, and the opportunity to build your own business helping more customers, grows. 

If you’re a banker it’s time to break those shackles, tear down the walls and run from the ivory tower. The days of working in a conglomerate are over.There has never been a better time to make the transition to mortgage broking and be in business for yourself. 

Why? Self-employed = flexibility + independence. 

Being self employed means you can control your own future, and with the support of the right aggregator, (who provides cutting-edge technology and training), they can partner with you and lead you on the path to business growth. 

Being self employed means you’re in control. 

We know that taking the leap from a steady salary and comfort is a big decision but the rewards you can reap are near limitless. Did you know that Loan Market has been supporting bankers to successfully make the transition for 27 years, it’s something we are extremely proud of. 

Keep reading for my answers to the the most common questions I’ve been asked by bankers and why choosing to partner with the right aggregator is so important. 

1. “How long will the ‘banker to broker’ transition take?” 

This is one of the first questions I get asked by bankers who are thinking of making the move because they are concerned about “the downtime”.  

No one likes business to slow down or be out of pocket, so it’s important to get set up fast and get the ball rolling with the right support. 

Time is precious when you’re in business for yourself. The old days of doing business across multiple tech platforms (and paper) won’t cut it anymore.

So, here are my recommendations so you can hit the ground running:

Get started and accredited, fast. 

It’s simple, when you’re a broker, you have more choice to offer your customers. But this means getting accredited with sometimes up to 62 lenders!  

With a proven model to follow, the Loan Market team has streamlined this process to get you up and running (and writing) faster, including: 

  • Support in getting your Certificate IV in Finance & Mortgage broking
  • 6 week onboarding program, including accreditations with 62 lenders and counting in residential, commercial and asset finance
  • Loan Market branding and MyCRM setup and optimisation
  • National induction and Orbit (get-in-the-know with Loan Market) program 

Use integrated tech that will save you time

To make your job easier, you need a cloud-ready and sophisticated Customer Relationship Management (CRM) system that covers every area of your business. 

Loan Market’s multi-award winning technology platform MyCRM, is built for brokers by brokers. MyCRM is an all-in-one CRM and a complete business solution built for you to work faster, easier and smarter. 

The paperless world of MyCRM covers everything from lead to settlement and beyond.

Read more about our 5 time-saving tech solutions that will power your business and help you work faster.

2. “How much support will I get for compliance?”

As you know, we’re operating in a highly scrutinised and regulated environment. 

Laws, policies, commercial pressures and ethical and professional obligations have created a complex web of duties with which we all must comply and with the introduction of Best Interests Duty (BID), demonstrating compliance will be essential. 

Getting compliance support from your aggregator will be crucial for the future of your business, which brings me to The Loan Market Way. 

With time-saving tech and tools that streamline the process and collect paperwork easily,  keeping you safe with industry-best compliance processes embedded in MyCRM, not only will The Loan Market Way support you in BID, but it will create the ultimate customer-experience journey ensuring your customers get the Loan Market WOW moment, every time. 

Paired with an industry leading audit program, and regular sessions with your dedicated Broker Success Manager, we work with you to improve your processes and stay ahead with of the compliance curve. 

3. “I’ll be starting from scratch. How will I find clients?”

Finding clients when you make the transition from banker to broker can be a pain point. However, that doesn’t mean you shouldn’t do it! 

Check out how we can help you find, nurture and keep clients and the 3 ways we can revolutionise your lead pipeline. But first, see the ways we help our brokers find and keep clients: 

Streamlined lead generation  

Finding clients can take A LOT of time, so you need a streamlined, time-saving process that you can set and forget for your lead generation. 

Ready-made referral partnerships 

Referral partners play an important role in growing business.

Partnering with a real estate agent, financial adviser or asset finance specialist can generate many opportunities for you to grow your customer base. 

At Loan Market, we have an exclusive partnership with Ray White, Australia’s leading real estate network, and we can guide and support you on how to set up the perfect referral partnership

“The Ray White connection brought me to Loan Market and having worked in banking for as long as I did, I didn’t have a customer base to speak of. The Loan Market relationship with Ray White was a ready-made referral source.” – Mick O’Shea, Mortgage Broker QLD

4. “How do I grow my business?”

I’m sure that this is one of Google’s most searched questions!  

Every industry has different tips and tricks for growing businesses, but in mortgage broking, business growth is influenced by which aggregator you partner with.

From banker to broker, you need full support to make the transition. You need support to streamline your business operations with integrated tech, support in finding and keeping new clients, and a tailored business growth strategy that sets you up for success. 

We know that, that’s why at Loan Market, we have a specialised Broker Success Team that are on hand to help you map out your vision and business growth strategy. 

They help you build a unique plan, with the right tactics to help you achieve it and provide you with guidance to get the right people on your team.  

Becoming a broker doesn’t always mean you have to start your own business, you can join as existing one. In fact, in 2020, 87% of bankers that joined Loan Market, partnered with existing businesses.

Your Broker Success team is there to get you generating leads like a pro, whilst implementing long term marketing strategies so your business can thrive.

Still not convinced?

Hear from a broker who went from 0 to $80m in just 4 years with Loan Market.

When you make the move from banker to broker, employed to self-employed, you choose to be in business for yourself, and that shouldn’t mean by yourself. 

You need support from an aggregator that will help you get set-up fast, keep you safe with compliance, help you find and keep clients and grow your business. 

At Loan Market we have a proven model to follow, with many brokers who have made the successful transition from the banking industry. These brokers have gone on to be some of our elite business owners. 

If you have more questions like the ones above, I’d love to chat with you about them and help you understand what this transition could look like for you and how Loan Market can support you as a partner. 

PUBLISHED March 1st, 2021 IN Stories and insights

Stephen Doyle

Stephen leads Loan Market’s national growth team, and is instrumental in engaging brokers who want to grow a bigger asset. Stephen has a great understanding of what small, medium and large-scale brokerages need to succeed and manages the engagement of the wider industry on new innovations in digital, training, business coaching and compliance.